SM Development Corporation (SMDC) reported that its consolidated net income for the first nine months of the years surged 5,900 percent to P1.4 billion from just P23 million in 2008.

In a disclosure to the Philippine Stock Exchange, SMDC said earnings were bolstered by the strong market reception of its residential units and higher completion rates of various projects as well as the marked recovery in the financial markets.

SMDC reported an 83 percent jump in net income from real estate operations to P1.1 billion for the first nine months of 2009 from P607 million in the same period last year.

Its realized revenues from real estate sales during the period increased 30 percent to P3.7 billion from P2.9 billion last year. This resulted in an expanded consolidated net income margin of 37 percent.

For the same period, SMDC doubled its number of sales reservations for residential units to 3,708 and pushed consolidated revenues to P4.1 billion, up by a robust 78 percent from the year ago level. EBITDA topped P1.6 billion, for an EBITDA margin of 42 percent.

“We are strongly encouraged by the healthy growth in SMDC’s profits during the first nine months of this year,” SMDC president Roger R. Cabuñag said.

He added that “our efforts to strengthen our real estate sales operations and our keen monitoring of construction costs are paying off through higher margins and better operational efficiencies. With these positive developments, we remain bullish in our business operations this year.”

Currently, SMDC has seven on-going projects. Chateau Elysee in Parañaque City, Berkeley Residences in Katipunan Road, and Grass Residences beside SM City North EDSA, Sea Residences near the Mall of Asia Complex, Field Residences in Sucat, Parañaque City, Lindenwood Residences in Muntinlupa City, and Mezza Residences across SM City Sta. Mesa.

Other projects scheduled for launching this year are Princeton Residences, beside Gilmore LRT-2 Station along Aurora Boulevard; Sun Residences beside Welcome Rotonda; Jazz Residences along Jupiter Street in Makati City; Light Residences in Mandaluyong City; and Wind Residences in Tagaytay City.